What fuel do you imagine will generate enough electricity to replace the energy we currently consume in Petroleum?
Posted on 02/21/2008 9:59:47 PM PST by kellynla
One of America's most influential businessmen, legendary oilman T. Boone Pickens, says the nation's wealth is being plundered by oil exporters and the U.S. faces a potential financial disaster if our energy policy is not reformed. Pickens, who correctly predicted that oil would top $100 a barrel, also says he expects oil prices to drop sharply in the near term.
Appearing on CNBC's "Squawk Box" Thursday morning, Pickens pointed out that the U.S. is currently sending half a trillion dollars out of the country each year to buy oil, in some cases from people who "are our enemies."
Said Pickens, "You take 10 years and you've got $5 trillion ... That's more than $1 billion a day.
"We can't stand that. Wealth is moving out of the country...
"Not one presidential candidate has addressed this … The candidates have to get up to speed on what energy cost is doing to our country." Pickens even turned on his own industry, oil, and called for an increase in alternative energy sources.
"If we do not get on the alternative energy bandwagon and if we don't have a global recession, we could be sitting on $150 oil in two years," he told CNBC.
(Excerpt) Read more at moneynews.newsmax.com ...
ping
He’s an interesting man. Be careful following him on trades, though. He didn’t become a multi-billionaire by giving away his ideas for free.
Did Boone just wake up from a 20-year coma?
I’m not opposed to the resurrection of manifest destiny (MF part II)—in South Am.
Everyone does what they need to do to survive, and we will as a nation.
That’s why it’s always important to keep Cortez handy.
And as always in tough times, make sure the heel of your foot is firmly planted on the face of those below you and don’t be afraid to push them into the stink.
What I've wondered lately is why these high oil prices haven't stimulated some domestic production like the boom of the 80's.
I’d settle for a rigorous application of the Monroe Doctrine.
I hear Caracas is lovely in the spring. Our spring, their fall. You know what I mean.
He knows better than this! He knows that there's never been and probably never will be anything more efficient and economical than petroleum energy with the exception of nuclear... He know this and tries to send everyone else tilting at the windmills and bioenergy, etc., etc., etc...
Domestic oil drilling throughout the North American continent, both inland drilling and offshore drilling, and the building of many new oil refineries all over the North American continent will truly drive down the prices of oil! This should of been done years ago, and political correctness (Thank you, environmentalist wackos!) continues to truly prevent this from actually being done up to this day and counting!
Well, he was right on in early 07, calling for oil to go north of $75 to $80, when it was trading in the low $60's.
Me too.
Here, in SE Ohio, oil can and has been big business. When the money's right this place will fill up with wildcatters. I know many of them and get the same answer: The US govt non-public policy is that we will wait for everyone else to use up their oil. This is enforced by lack of govt-stimulating tax relief and other measures which would support more local drilling. Here, we know where the oil is (Hell, I'm trying to get well dug on my property, cause I'm loaded with lots of gas and some oil) and there is some drilling going on, but not more until the govt. policy shifts.
Right.
Yes, now he says he is short oil. I think he’s probably right.
Caracas is north of the Equator. But it is tropical, so not much seasonal change to speak of.
I think the RATs and Greenies should pay more for gas. Hell they should walk everywhere and leave the gas for us.
Regards
Bump
He has a point. Has any other country in history spent its work-created wealth on purchasing a natural resource from another country like we do for oil? Did Spain purchase gold from the Mayans and Aztecs? Did England purchase diamonds and gold from the Zulu tribes of South Africa?
T Boone Pickens gave LA Mayor Villaraigosa a very large amount of money for those telephone tax ads during the election....in exchange, look for the Port of LA to mandate LPG fueled trucks at the Port very soon.
correction....
LNG trucks....
and guess who will be supplying them?
Environmentalists.
He has a point. Has any other country in history spent its work-created wealth on purchasing a natural resource from another country like we do for oil? Did Spain purchase gold from the Mayans and Aztecs? Did England purchase diamonds and gold from the Zulu tribes of South Africa?Hyper powers with long longevity always survive via trade. Both England and Spain failed as world powers because they were unable to manage their colonies and resources in a sustainable way. Amy Chua has a good book, with well grounded recommendations IMO. Check it out here.
Looks like an interesting book, I’ll have to look for it the next time I’m at the library.
I know exactly of what you speak.
For years, Atlantic Richfield of California paid my grandmother monthly for the oil/gas option on property she owned in the lower San Joaquin Valley. The well is capped and we own it now.
There is still oil and gas down there. It’s now a waiting game.
Looks like an interesting book, I’ll have to look for it the next time I’m at the library.Be warned that the author is a liberal who supports social engineering. However, her analysis is spot on. Very smart woman.
the electric car is our only hope.
England is once again in contention as a world world. In case you haven’t noticed, London and NYC are in a death-match for title of world financial center.
England is once again in contention as a world world. In case you haven’t noticed, London and NYC are in a death-match for title of world financial center.England may be a world power even now, but they're not a hyper-power.
Can you define “hyper power?”
A uni-polar power that dominates the world. i.e. the Persian empire, Rome, the Tang dynasty, the Mongols, the Dutch, the English and the US post-cold war are the accepted hyper-powers of their eras.
All the historical examples had military advantage. I’m not sure how much of a factor that is today.
Exactamundo! Environmentalists and their allies in the Senate and various statehouses have blocked drilling in ANWR and offshore coastal waters, construction of new refineries, expanded use of coal, and mandated boutique fuels. The first two directly prevent domestic production from expanding, while the latter two keep oil prices high which makes the average person hate oil and go along with alternative schemes like burning food for fuel instead of getting more oil.
All the historical examples had military advantage. I’m not sure how much of a factor that is today.Military power was only a small part of each. There have been many better militaries comparatively. It was the *cultural* aspects of each hyper-power that allowed it to be dominant.
I have wondered the same thing, especially since I have some property with known oil reserves in the panhandle of Florida, they were ready to drill in the 80's then capped everything off and haven't returned.
I was told the Florida EPA has since made it hard to drill so they just moved north to Alabama.
We live in an interesting world. I, for one, can’t wait to see what happens next. However, I do worry about the fate of my country.
All compliments of the Head Moron at the time, Jimmy Carter.
Carter and Klintoon, the "gifts" that keep on giving (the rest of us a headache)....
Notice how the oil market tanked as soon as T. Boone announced that he was short? Who in his right mind bets against him? He just moved the market and guaranteed his play.
Heh heh. It definitely took some air out of the speculative balloon. I’m sure that his positions are more complex than a simple short, though. He may be net short but also may have a different strategy in the near, intermediate and long term. My point was that he didn’t disclose his strategy, just that he was short.
Let the greens die off first.
In the places we are allowed to drill, working rig counts are way up.
1992 - 721
1997 - 943
1998 - 827
1999 - 625
2000 - 918
2001 - 1,156
2002 - 830
2003 - 1,032
2004 - 1,192
2005 - 1,381
2006 - 1,649
2007 - 1,649
2/1/08 - 1,763
2/8/08 - 1,755
2/15/08 - 1,773
Baker Hughes Investor Relations > Rig Counts
http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm
But when the many of the most promising resource areas are kept off limits, the results of the drilling are less than desired.
T. Boone Pickens makes lots of predictions. In 2005 he claimed world oil production had peaked at 84 MMBPD.
http://www.peakoil.net/BoonPickens.html
When T. Boone speaks, I tend to tighten my grip on my wallet.
What fuel do you imagine will generate enough electricity to replace the energy we currently consume in Petroleum?
the only way to solve energy problems forever is to nationalize the dangerous, exploitive oil industry that, in its greed, has increased the price of oil to raise its profits to unheard of levels.
/sarcasm off/
The US already imports more uranium than we produce domestically.
Uranium Purchased by Owners and Operators of U.S. Civilian Nuclear Power Reactors, 1994-2006 Deliveries
The NIMBYs and environmentalists that hold back our drilling hold back our mining as well.
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